Dow Jones Dips, But Disney Stock Spikes 14%; Apple News Hits Qualcomm; Nio Slumps On Share Offering

Dow Jones Dips, But Disney Stock Spikes 14%; Apple News Hits Qualcomm; Nio Slumps On Share Offering

Dow Jones Dips, But Disney Stock Spikes 14%; Apple News Hits Qualcomm; Nio Slumps On Share Offering

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The Dow Jones Industrial Average was under modest selling pressure in afternoon trading Friday, but technology stocks faced another round of selling pressure. Disney stock was a big winner in the Dow Jones today, up 14%, after the company said its Disney+ streaming service had 86.8 million subscribers as of Dec. 2. That’s up from 73.7 million at the end of October. Walt Disney (DIS) expects 230 million to 260 million subscribers by 2024.I mean, we had a couple of updates in Monroe.https://imasdk.googleapis.com/js/core/bridge3.431.0_en.html#goog_988752840Volume 0% 

But Qualcomm (QCOM) plunged 8% and weighed on the Nasdaq 100 after Apple (AAPL) said it plans to build its own cellular modem chips for future devices. Apple’s iPhone 12 uses Qualcomm parts.

The Nasdaq composite was down 0.9%, but the index is still holding above its 21-day exponential moving average and the 12,000 level. The Nasdaq 100 cut its losses to nearly 0.7%, but got hurt by 3% declines for Tesla (TSLA) and Pinduoduo (PDD) and a 5% drop for Lululemon Athletica (LULU).https://research.investors.com/ibdchartswp.aspx?cht=pvc&type=daily&symbol=PDD

LULU shares weakened despite Lululemon reporting a 21% rise in earnings and 22% increase in revenue late Thursday. The yoga-inspired clothing and accessories maker is testing support at the 50-day moving average.

Dow Jones Today

At around 1:40 p.m. ET, the Dow Jones industrials eased less than 0.1%, but Coca-Cola (KO), Honeywell (HON) and Microsoft (MSFT) bucked the trend with modest gains. Goldman Sachs (GS), Chevron (CVX) and American Express (AXP) lagged.

U.S. Stock Market Today Overview
IndexSymbolPriceGain/Loss% Change
Dow Jones(0DJIA)29951.61-47.65-0.16
S&P 500(0S&P5)3645.23-22.87-0.62
Nasdaq(0NDQC )12300.04-105.77-0.85
Russell 2000(IWM)189.73-1.51-0.79
IBD 50(FFTY)39.40-0.29-0.73
Last Update: 1:32 PM ET 12/11/2020

The S&P 500 gave back 0.4% and the Russell 2000 small-cap index fell around 0.7%.

Despite Friday’s selling, the stock market remains in a confirmed uptrend with a relatively light distribution day count for the S&P 500 and Nasdaq composite. But the Nasdaq fired a warning shot Wednesday with its 1.9% decline in higher volume. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Inside the MarketSmith Growth 250, recent IPO Eargo (EAR) surged 9%. The hearing-aid maker is back above its short-term 10-day moving average after a recent breakout from an IPO base with a 43.90 buy point.

But other recent IPOs were down sharply. DoorDash (DASH), which went public Thursday, slumped 8%. Snowflake (SNOW) fell 5% as it tests support at the 10-day moving average.

In other stock market newsTwilio (TWLO) held up well despite news of a share offering late Thursday. The enterprise software stock is still in buy range after a breakout Thursday over a 333.72 buy point.

A share offering hit shares of Nio (NIO). Nio stock fell 8%, but it continues to hold above the 40 level.

Among the best ETFs, the Renaissance IPO ETF (IPO) was down 1.4%, and the Innovator IBD 50 ETF (FFTY) fell 0.7%. Tempur Sealy (TPX) led the IBD 50, up nearly 2%, after the company updated its earnings guidance and share buyback plans.

The iShares Expanded Tech-Software Sector ETF (IGV) eased 0.4%, and the VanEck Vectors Semiconductor ETF (SMH) lost 1.4%

FDA Panel Backs Pfizer Coronavirus Vaccine

A Food and Drug Administration advisory panel recommended Thursday evening that the FDA approve the Pfizer (PFE) and BioNTech (BNTX) coronavirus vaccine for people 16 and older. Panel members spoke positively about the vaccine, which showed 95% effectiveness in a final-stage trial.

The FDA said early Friday that it will “rapidly work” toward granting emergency use approval. Health and Human Services Secretary Alex Azar expects FDA approval over the next couple of days with vaccinations starting Monday.

The FDA panel will review the Moderna coronavirus vaccine on Dec. 17.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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